Nirmala Sitharaman, the Union Finance Minister will present the newly elected NDA government’s budget on July 23. This will be the Finance minister’s seventh consecutive budget after retaining the ministry for the second time.
The highly anticipated budget would be keenly watched by experts and commoners alike to see how the government utilises its fiscal leeway of Rs 2.1 trillion offered by RBI to navigate its coalition compulsions and electoral obligations.
While all eyes would be on the finance minister presenting the Union Budget 2024 in Parliament, let us look at the Minster’s men who pull the strings behind the scenes.
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Finance Secretary of India T V Somanathan
T V Somanathan is the country's finance secretary.
With a doctorate in economics, the 1987-batch IAS officer of the Tamil Nadu Cadre is an important link concerning Budget-related discussions with the Prime minister’s office (PMO). Before this, he had served as the Expenditure Secretary in 2019 with stints as Additional and Joint Secretary in PMO from 2015-2017.
The former directorate of the World Bank played a critical role in the Union Budget of 2021-22 by making the balance sheets more transparent and ending the practice of borrowing money outside the budget.
Everyone would be eagerly watching TV Somanathan to see how he manages fiscal prudency with the demands of the coalition partners to cater to.
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Economics Affairs Secretary Ajay Seth
Ajay Seth is the Secretary to the Department of Economic Affairs. He took office during the second wave of the COVID-19 pandemic to surmount the economic ramifications affecting the country.
A 1987-batch officer from the Karnataka cadre, Seth oversees the budget-making process by drafting the budget documents. He also coordinates with various ministries for the demand grants.
A mechanical engineer and a management graduate, Seth co-chaired the G20 central bank and finance minister’s meetings throughout India's G20 presidency in 2023.
Dipam Secretary Tuhin Kanta Pandey
Tuhin Kanta Pandey, the secretary to the Department of Investment and Public Asset Management (Dipam) is tasked with disinvestment and resource mobilisation targets. Previously, he served as the principal secretary for the Odisha state government.
During his stint as the secretary to Dipam, he successfully oversaw the sale of Air India and the listing of LIC.
Paney's work on the Budget is expected to give some cues on government plans for privatisation given the role of coalition partner in the process.
Revenue Secretary Sanjay Malhotra
Revenue Secretary Sanjay Malhotra works towards achieving revenue-receipts targets.
With India gaining substantial revenue from taxes, Malhotra decides on tax changes for direct and indirect taxes, through the Finance Bill.
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Malhotra, known for taking an orthodox approach, is known for his instrumental role in merging the interests of states and Centre at the Goods and Services Tax (GST) council meetings.
He is an IAS batch from 1990-batch from the Rajasthan cadre. He is an alumnus of IIT Kanpur and Princeton University.
Secretary of the Department of Financial Services Vivek Joshi
Vivek Joshi is a new face in the Finance minister’s Budget team.
Before this, he joined the finance ministry in November 2022 as secretary to the Department of Financial Services driving major policy changes with his critical inputs in the banking, insurance, and pension sectors.
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Previously, he had served as Registrar General and Census Commissioner of the Minister of Home Affairs. He is also a board member of RBI and SBI.
He is a 1989-batch civil servant officer from Haryana.
Chief Economic Advisor V Anantha Nageswaran
Anantha Nageswaran with his team of economists draft the Economic Survey of India which gives the macroeconomic backdrop of the country.
Based on the Economic Survey report, budgetary targets are set and money is allocated to various sectors.
The report helps analysts gauge the mood of the Budget by analysing trends from the preceding financial year.
Nageswaran holds an MBA from IIM, Ahmedabad with a doctorate from the University of Massachusetts in Empirical Behaviour of Exchange Rates.
